Erdogan Says Turkey Won’t Be Beaten by Foreign Plots on Economy

(Bloomberg) -- President Recep Tayyip Erdogan vowed to defeat foreign plots aimed at Turkey’s economy in remarks Monday after the lira was pushed to a record low against the dollar last week.

Erdogan’s remarks came after Turkey Monday lifted a ban on Turkish banks against trading lira with BNP Paribas SA, Citigroup Inc. and UBS Group AG, a quick reversal just days after it imposed the restrictions that rippled beyond the currency market.

Turkey has increasingly made it difficult for foreign investors to bet against the lira by limiting access to liquidity since a currency crisis in 2018. Erdogan said foreign actors were seeking to undermine Turkey’s economy and sought to put its economic management in bad light.

“We are aware of insidious aims behind traps being set for our economy and the economy’s management,” Erdogan said in televised remarks after chairing an online cabinet meeting from Istanbul.

The currency was little changed at 7.0735 against the dollar on Monday, having recovered from an all-time low of 7.2690 on Thursday.

©2020 Bloomberg L.P.

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